NASHVILLE—It's official. The ink has dried on the $2.8 billion merger of Brookdale Senior Living and Emeritus Corporation. The deal creates the first national senior solutions company and gives Brookdale over 1,100 senior housing communities in 46 states covering 80% of the US population.

"We are at a transformational point in the history of the company,” says Andy Smith, CEO of Brookdale. “With this merger, we will improve our ability to deliver the best, high quality solutions for the growing demographic of aging seniors and their families.”

Emeritus shareholders will receive 0.95 of a share of Brookdale common stock in exchange for each share of Emeritus common stock. All told, about 47.6 million shares of Brookdale common stock are being issued to Emeritus shareholders. That represents about 27.5% of the 173 million total shares outstanding.

“Our newly combined company will have incredible size and scale in our industry,” Smith says. “We will begin to leverage this scale to build a national Brookdale brand, create new efficiencies in our operating platform, and drive new innovations to serve our residents.”

Beyond the merger news, Brookdale announced Granger Cobb is joining its board of directors. Cobb has been serving as president and Chief CEO of Emeritus. He previously served as president, CEO and director of Summerville Senior Living from 2000 until September 2007. 

Cobb joined Summerville in 1998 with its acquisition of Cobbco, a California-based assisted living company he founded in 1989. Cobb is active in several industry associations and has served on the Boards of Directors of the Assisted Living Federation of America and the National Investment Center for the Seniors Housing & Care Industry.

“We are delighted to have Granger join our board of directors. Granger's leadership experience and senior living industry knowledge will be an asset to the board and the company,” Smith says. “As the company continues to grow, his insight and rich background will be extremely valuable."